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Abridged Audited Results for the Year Ended 31 December 2014 - DBXUS
The db x-trackers Collective Investment Scheme
db x-trackers MSCI USA Trust
JSE code: DBXUS
ISIN: ZAE000115192
A portfolio in the db x-trackers Collective Investment Scheme (“db x-
trackers”), registered as such in terms of the Collective Investment
Schemes Control Act, 45 of 2002 (the “Act”)
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
2014 2013
R R
Revenue 248 812 832 198 260 085
Investment income 41 899 854 16 527 175
Net fair value gain on the investments at
fair value through profit or loss 206 912 978 181 732 910
Expenses (14 051 935) (6 203 014)
Management and administrative expenses (14 051 935) (6 203 014)
Operating profit before distribution 234 760 897 192 057 071
Comprising:
Income available for distribution before
tax 27 847 919 10 324 161
Capital profit retained 206 912 978 181 732 910
Distributions (22 269 950) (8 358 425)
Increase in net assets attributable to
redeemable securities before tax 212 490 947 183 698 646
Withholding tax (5 848 438) (2 306 943)
Increase in net assets attributable to
redeemable securities 206 642 509 181 391 703
STATEMENT OF FINANCIAL POSITION
at 31 December 2014
2014 2013
R R
Assets
Listed investments held at fair value
through profit or loss 2 713 418 895 1 337 156 426
Trade and other receivables 3 033 642 1 516 756
Cash and cash equivalents 21 998 457 9 303 883
Total assets 2 738 450 994 1 347 997 065
Liabilities
Net assets attributable to redeemable
securities 2 715 129 369 1 337 790 821
Trade and other payables 23 321 625 10 186 244
Total liabilities 2 738 450 994 1 347 977 065
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE
SECURITIES
for the year ended 31 December 2014
Total
R
Balance at 1 January 2013 311 255 789
Increase in net assets attributable to redeemable
securities 181 391 703
Creations of securities 702 173 634
Foreign currency translation adjustments 142 969 695
attributable to redeemable securities
Balance at 31 December 2013 1 337 790 821
Creation of securities 864 620 474
Increase in net assets attributable to redeemable
securities 206 642 509
Foreign currency translation adjustments 306 075 565
attributable to redeemable securities
2 715 129 369
Balance at 31 December 2014
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Cash utilised by operations (452 175) (712 999)
Dividends received 37 516 034 13 847 603
Management fees paid (9 380 352) (3 504 271)
Interest received - 25
Net cash inflow from operating activities 27 683 507 9 630 358
Cash outflow from investing activities (863 273 926) (701 413 792)
Purchase of listed investments (863 273 926) (701 413 792)
Net cash inflow from financing activities 848 284 993 697 768 433
Proceeds on creation of securities 864 620 474 702 173 634
Distributions paid (16 335 481) (4 405 201)
Net increase in cash and cash equivalents 12 694 574 5 984 999
Cash and cash equivalents at the beginning
of year 9 303 883 3 318 884
Cash and cash equivalents at the end of
year 21 998 457 9 303 883
2014 2013
Number Number
db x-Trackers MSCI USA securities in issue 120 000 000 72 000 000
In terms of the Trust Deed and CISCA, the Trust would be required to pay
the net asset value attributable to holders of redeemable securities on
redemption of the securities.
Vested income beneficiaries include all holders of db x-trackers MSCI USA
securities.
db x-trackers MSCI USA securities creations and redemptions
There were 48 000 000 (2014: 45 000 000) Index Securities created during
the year for a value of R864 620 474 (2014: R702 173 634). There were no
redemptions during the current and prior year.
Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the db x-trackers MSCI USA Trust. The rebates
represent an investor’s partial reduction of the 85.5 basis points
management fee charged (114 basis point management fee charged for the
period 01 January 2013 to 30 June 2013 and the 85.5 basis point
management fee charged for the period 01 July 2013 to 31 December 2013).
The rebate is calculated using a sliding scale depending on the size of
the investor’s investment. During the period the following distributions
were effected per db x-trackers MSCI USA Index Security –
2014 2013
R R
Declared distributions (20 084 622) (7 807 790)
0.08672 Rand per security
Declared June 2014 and paid July 2014 (8 584 872)
0.05086 Rand per security (2 136 303)
Declared June 2013 and paid July 2013
0.09583 Rand per security
Declared December 2014 and paid January
2015 (11 499 750)
0.07877 Rand per security
Declared December 2013 and paid January (5 671 487)
2014
Management fees refunded during the year as (2 185 328) (550 635)
a rebate distribution
Total distribution expense for the year (22 269 950) (8 358 425)
Total Expense Ratio ("TER")
The TER represents the total expense to the Trust. The only expense to
the Trust is the management fee payable to db x-trackers Proprietary Ltd
which is calculated at 0.855% of assets under management on a daily basis
(2013: 1.14% of the assets under management on a daily basis for the
period 01 January 2013 to 30 June 2013 and 0.855% of the assets under
management on daily basis for the period 01 July 2013 to 31 December
2013).
The db x-trackers MSCI USA Trust had a TER of 85.5 basis points (2013:114
basis points for the period 1 January to 30 June 2013 and a TER of 85.5
basis points for the period 01 July 2013 to 31 December 2013).
Increased consumer demand for greater transparency in financial services
and the recognition thereof by the collective investment industry requires
Collective Investment Scheme (‘CIS’) managers to calculate and publish a
total expense ratio for each Trust under their management. This is a
requirement in terms of the Association for Savings and Investments SA
(“ASISA”) standard on the calculation and publication of total expense
ratios.
Statement of compliance
The financial statements have been prepared in accordance with
International Financial Reporting Standards (“IFRS”), and the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee
and the Financial Reporting Pronouncements as issued by Financial
Reporting Standards Council, and the requirements of the Collective
Investment Schemes Control Act No 45 of 2002 (“CISCA”), in order to meet
the requirements of the Trust Deed approved by the Financial Services
Board. These financial statements were authorised for issue by the board
of directors of the Manager on 25 March 2015.
Accounting policies
The accounting policies applied in the preparation of the financial
statements are consistent with those adopted in the previous financial
year and are in accordance with IFRS
The trust adopted the following new standards and amendments to standards,
including any consequential amendments to other standards, with a date of
initial application of 1 January 2014.
a) Amendment to IAS 32– Offsetting Financial Assets and Financial
Liabilities.
Forthcoming requirements
The following standards, amendments to standards, and interpretations,
effective for the first time in future accounting periods, and which are
relevant to the Trust, have not been adopted for the year ended 31
December 2014:
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. IFRS 9 is
effective for the year ending 31 December 2018 and the impact of this
standard will be assessed once the standard becomes effective. The Trust
will apply the standard only once the standard becomes effective
IFRS 15: Revenue from Contracts with Customers - IFRS 15 contains a single
model that applies to contracts with customers and two approaches to
recognising revenue: at a point in time or over time. IFRS 15 is effective
for the year ending 31 December 2017 and the impact of this standard will
be assessed once the standard becomes effective. The Trust will apply the
standard only once the standard becomes effective
The impact of the above standards will be assessed once the standards
become effective, and applied only at that stage.
Investment income
Investment income comprises:
-interest income earned on cash and cash equivalents;
-cash equalisation component on creations (at the time of creation it
represents the income portion attributable to the net asset value at the
time that is payable by the creating party); and
-dividends from listed equities designated as held at fair value through
profit or loss.
Interest income
Interest income is recognised in profit or loss, using the effective
interest method taking into account the expected timing and amount of cash
flows.
Dividend income
Dividend income is recognised when the right to receive the expected
payment is established. This is usually the ex-dividend date for quoted
equities.
Audit report
This summarised report is extracted from audited information, but is not
itself audited. The annual financial statements were audited by KPMG Inc,
who expressed an unmodified opinion thereon. The audited annual financial
statements and the auditor’s report thereon are available for inspection
at the company’s registered office.
A full copy of these financial statements is available on the db x-
trackers website www.dbxtrackers.co.za.
Directors’ responsibility
The directors take full responsibility for the preparation of the abridged
report and the financial information has been correctly extracted from the
underlying annual financial statements.
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers Proprietary Limited
31 March 2015
Date: 31/03/2015 02:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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